| Income Per Share |
NOTE 10. INCOME PER SHARE The table below is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per share computed using the two-class method (dollars in thousands):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Net income |
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$ |
38,468 |
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|
$ |
76,640 |
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|
$ |
188,822 |
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$ |
215,436 |
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Less: dividends paid to preferred
stockholders |
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(2,587 |
) |
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(2,587 |
) |
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|
(7,763 |
) |
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|
(7,763 |
) |
Less: dividends and income attributable to unvested restricted stock |
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|
(138 |
) |
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|
(142 |
) |
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|
(412 |
) |
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|
(412 |
) |
Net income attributable to common stockholders used in basic and diluted income per share |
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$ |
35,743 |
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$ |
73,911 |
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$ |
180,647 |
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$ |
207,261 |
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Weighted average shares of common stock outstanding |
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141,331,332 |
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136,530,530 |
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141,317,480 |
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133,058,487 |
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Less: unvested weighted average shares of restricted stock |
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(206,931 |
) |
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(216,161 |
) |
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(222,573 |
) |
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(223,277 |
) |
Basic weighted average shares of common stock outstanding |
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141,124,401 |
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136,314,369 |
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141,094,907 |
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132,835,210 |
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Plus: unvested market-based
awards |
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25,464 |
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— |
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|
8,488 |
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|
130,087 |
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Diluted weighted average shares of common stock outstanding (1) |
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141,149,865 |
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136,314,369 |
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141,103,395 |
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132,965,297 |
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Net income per share attributable to common stockholders - basic |
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$ |
0.25 |
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$ |
0.54 |
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$ |
1.28 |
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$ |
1.56 |
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Net income per share attributable to common stockholders - diluted |
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$ |
0.25 |
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$ |
0.54 |
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$ |
1.28 |
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$ |
1.56 |
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Potentially dilutive shares of common stock related to: |
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Unvested restricted share awards |
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42,806 |
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51,338 |
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61,354 |
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|
65,060 |
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(1) Assumes the most dilutive issuance of potentially issuable shares between the two-class and treasury stock method unless the result would be anti-dilutive. |